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CIC Insurance 2019
Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 9/14/2011 Posts: 834 Location: nairobi
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Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost?
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Rank: Elder Joined: 6/2/2008 Posts: 1,438
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heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Cooperative bank reduced shareholding in cic from 26.1% to 24.8% Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond. Kiambu land used as collateral for the borrowing. Interest rate of 12.5% repayable in 5 years. Interest is to be paid tri-annually. Principal is payable at end of the tenure. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 7/1/2014 Posts: 903 Location: sky
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Ericsson wrote:CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond.
Kiambu land used as collateral for the borrowing.
Interest rate of 12.5% repayable in 5 years.
Interest is to be paid tri-annually.
Principal is payable at end of the tenure. whats the value of the land they are selling, i heard it has significant impact on their assets There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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littledove wrote:Ericsson wrote:CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond.
Kiambu land used as collateral for the borrowing.
Interest rate of 12.5% repayable in 5 years.
Interest is to be paid tri-annually.
Principal is payable at end of the tenure. whats the value of the land they are selling, i heard it has significant impact on their assets Value on the books is ksh.3.6bn Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Hello Joined: 5/21/2020 Posts: 2 Location: Nairobi
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mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. It is easier to find men who will volunteer to die, than to find those who are willing to endure pain with patience.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The proposal will be brought to shareholders for ratification on 30th June 2020. It's agenda no.10 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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Ericsson wrote:Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The proposal will be brought to shareholders for ratification on 30th June 2020. It's agenda no.10 I don’t think they will get buyers for this land hand over fist currently. Even if they do get buyers, it will be at the 5-6B mark. It’s a buyers market and these valuations are usually very optimistic even for a good market.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Horton wrote:Ericsson wrote:Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The proposal will be brought to shareholders for ratification on 30th June 2020. It's agenda no.10 I don’t think they will get buyers for this land hand over fist currently. Even if they do get buyers, it will be at the 5-6B mark. It’s a buyers market and these valuations are usually very optimistic even for a good market. In the first notice sent in April they notified shareholders they have a buyer and negotiation was in the final stages. 5-6bn is good money considering the land is being held at ksh.3.6bn in the books Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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CIC taps Co-op Bank strategy director for CEO role CIC Insurance Group has picked Co-operative Bank group finance and strategy director Patrick Nyaga as the new CEO effective June 22, 2020. Mr Nyaga replaces Tom Gitogo who quit his position on October 9 last year, prompting the board to pick Elijah Wachira to hold the position in an acting capacity. The new CEO is not entirely new at CIC since he has been serving as a member of CIC board of directors since June 2011. Insurance Regulatory Authority has already cleared him for the role. “He has key strengths that well position him to drive CIC Group business at this critical position, which include great links and experience with cooperative movement who are CIC’s core and primary market segment as well as core shareholder base,” said chairman Japheth Magomere. https://www.businessdail...572896-s89nqb/index.htmlIn the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 6/2/2008 Posts: 1,438
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Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The Kiambu land is DEFINITELY NOT HELD AT COST. in 2018, it was valued at Kshs 3.6 B and in December 2019, it was revalued by Crystal Valuers at 3.8 B for a revaluation gain of Kshs 200 M. The same report indicated that Kiambu and Kajiado plots are based on market value. Many journalists are lazy and do not bother to dig for accurate information. It's always a good idea to get the information from the source, in this case the company's own annual report. Since the buyers are able to commission their own valuers, it is unlikely that the price at which they are selling will have a significant premium over the December 31st 2019 valuation. The premium on the price would have come from the "break-up value" of selling smaller plots as the likes of Tatu City (Kijani Ridge), Optiven and Safaricom Investment Cooperative (Zaria Village) are doing in the neighbourhood or by developing as Centum has done at Two Rivers and Vipingo.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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mwanahisa wrote:Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The Kiambu land is DEFINITELY NOT HELD AT COST. in 2018, it was valued at Kshs 3.6 B and in December 2019, it was revalued by Crystal Valuers at 3.8 B for a revaluation gain of Kshs 200 M. The same report indicated that Kiambu and Kajiado plots are based on market value. Many journalists are lazy and do not bother to dig for accurate information. It's always a good idea to get the information from the source, in this case the company's own annual report. Since the buyers are able to commission their own valuers, it is unlikely that the price at which they are selling will have a significant premium over the December 31st 2019 valuation. The premium on the price would have come from the "break-up value" of selling smaller plots as the likes of Tatu City (Kijani Ridge), Optiven and Safaricom Investment Cooperative (Zaria Village) are doing in the neighbourhood or by developing as Centum has done at Two Rivers and Vipingo. The transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June. Proceeds from the sale will be used to retire the coop bank loan. The land had been pledged as security for the loan Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 7/1/2014 Posts: 903 Location: sky
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Ericsson wrote:mwanahisa wrote:Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The Kiambu land is DEFINITELY NOT HELD AT COST. in 2018, it was valued at Kshs 3.6 B and in December 2019, it was revalued by Crystal Valuers at 3.8 B for a revaluation gain of Kshs 200 M. The same report indicated that Kiambu and Kajiado plots are based on market value. Many journalists are lazy and do not bother to dig for accurate information. It's always a good idea to get the information from the source, in this case the company's own annual report. Since the buyers are able to commission their own valuers, it is unlikely that the price at which they are selling will have a significant premium over the December 31st 2019 valuation. The premium on the price would have come from the "break-up value" of selling smaller plots as the likes of Tatu City (Kijani Ridge), Optiven and Safaricom Investment Cooperative (Zaria Village) are doing in the neighbourhood or by developing as Centum has done at Two Rivers and Vipingo. The transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June. Proceeds from the sale will be used to retire the coop bank loan. The land had been pledged as security for the loan Any possibility of a special divided out of the balance after repaying the loan, a lot of activity on the counter of late volume wise There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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littledove wrote:Ericsson wrote:mwanahisa wrote:Pennysense XIII wrote:mwanahisa wrote:heri wrote:Ericsson wrote:heri wrote:Ericsson wrote:Angelica _ann wrote:Ericsson wrote:https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large
Corporate governance in Kenya for you, what is the purposes of this notice. To inform shareholders they have found a buyer for the piece of land. The returns they will get will be a windfall. assuming they are selling at a profit The land was bought 10 years ago before even the company was listed on the NSE Oh okay. Was it held at cost? No. It was not held at cost. They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports. https://www.businessdail...71086-n7m2fh/index.html
Yes it is held at cost CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years. The Kiambu land is DEFINITELY NOT HELD AT COST. in 2018, it was valued at Kshs 3.6 B and in December 2019, it was revalued by Crystal Valuers at 3.8 B for a revaluation gain of Kshs 200 M. The same report indicated that Kiambu and Kajiado plots are based on market value. Many journalists are lazy and do not bother to dig for accurate information. It's always a good idea to get the information from the source, in this case the company's own annual report. Since the buyers are able to commission their own valuers, it is unlikely that the price at which they are selling will have a significant premium over the December 31st 2019 valuation. The premium on the price would have come from the "break-up value" of selling smaller plots as the likes of Tatu City (Kijani Ridge), Optiven and Safaricom Investment Cooperative (Zaria Village) are doing in the neighbourhood or by developing as Centum has done at Two Rivers and Vipingo. The transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June. Proceeds from the sale will be used to retire the coop bank loan. The land had been pledged as security for the loan Any possibility of a special divided out of the balance after repaying the loan, a lot of activity on the counter of late volume wise People are squaring positions though FY is still a bit far. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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https://m.facebook.com/g...otif_t=group_highlights
Castigiliano energy paradox at play. Or is this someone doing monte Carlo simulation with Sir muriuki ,Behold, a sower went forth to sow;....
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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CIC Insurance has postponed its Annual General Meeting that was scheduled to be held on 30th June at 10:00am to a later date to be advised in due course. The Board of Directors has resolved to postpone the AGM for the reason that there are new developments being pursued in the business that require shareholders approvals within the next three months.In light of this and to avoid holding another general meeting so soon after the AGM,it is prudent that the company holds the AGM during the third quarter of this financial year to cover all the necessary business. https://pbs.twimg.com/me...mat=jpg&name=900x900Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Ericsson wrote:Cooperative bank reduced shareholding in cic from 26.1% to 24.8% From 26.53% to 24.8% Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 7/1/2014 Posts: 903 Location: sky
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Ericsson wrote:Ericsson wrote:Cooperative bank reduced shareholding in cic from 26.1% to 24.8% From 26.53% to 24.8% what was probably the reason,i know coop is not struggling to the extent they needed the cash There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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